Healthy Correction or more decline ahead...?
Gold continues to fall back from its one-year high of $2,009.23 at the beginning of the week on Tuesday morning due to profit-taking ahead of the eagerly awaited US Federal Reserve meeting. At the low, the quotes have so far reached 1,935.80 in yesterday's trading session.
Last week, the gold was in high demand as a "safe haven" due to uncertainty about the stability of the banking sector. Gold also benefited from a growing market view that the Federal Reserve Bank (Fed) will have less room to raise interest rates to tackle high inflation, given the looming banking crisis and market turmoil, weakening the US dollar, with which the precious metal is usually negatively correlated.
The focus is on the interest rate decision of the US Federal Reserve on Wednesday evening. By consensus, economists expect the Fed to raise its key interest rate by 25 basis points to a range of 4.75 to 5.00 percent.
Today’s Cheat Sheet #Xauusd
Weekly candle : Bullish ( Last Week)
Day Candle Gold: Bearish
Dxy last day candle: Doji
Major News USD : FED interest Rate Decision ,FOMC Economic Projection
Intraday support as per OI : 1925
Intraday Resistance as per OI : 1940
Price Action Support :1930-35 Resistance:1952
CPR : wide, Descending.
DJI : +0.98% (Last session)
DXY : -0.03%( Last session)
OI : ascending Last Day
COT : Data Not Updated (Last Update 07/03 March)
Daily COMEX Vault status : under register| Vault rise
Daily POC: Ascending
PCR (Nearest Expiry): 0.91
Important Level to watch: On Intraday TF watch 1960 under this bears can push price towards lower level so better look for sell opportunities under 1960 and above 1960 bulls can reclaim the price so above 1960 look for buy opportunities.
Last week, the gold was in high demand as a "safe haven" due to uncertainty about the stability of the banking sector. Gold also benefited from a growing market view that the Federal Reserve Bank (Fed) will have less room to raise interest rates to tackle high inflation, given the looming banking crisis and market turmoil, weakening the US dollar, with which the precious metal is usually negatively correlated.
The focus is on the interest rate decision of the US Federal Reserve on Wednesday evening. By consensus, economists expect the Fed to raise its key interest rate by 25 basis points to a range of 4.75 to 5.00 percent.
Today’s Cheat Sheet #Xauusd
Weekly candle : Bullish ( Last Week)
Day Candle Gold: Bearish
Dxy last day candle: Doji
Major News USD : FED interest Rate Decision ,FOMC Economic Projection
Intraday support as per OI : 1925
Intraday Resistance as per OI : 1940
Price Action Support :1930-35 Resistance:1952
CPR : wide, Descending.
DJI : +0.98% (Last session)
DXY : -0.03%( Last session)
OI : ascending Last Day
COT : Data Not Updated (Last Update 07/03 March)
Daily COMEX Vault status : under register| Vault rise
Daily POC: Ascending
PCR (Nearest Expiry): 0.91
Important Level to watch: On Intraday TF watch 1960 under this bears can push price towards lower level so better look for sell opportunities under 1960 and above 1960 bulls can reclaim the price so above 1960 look for buy opportunities.